CNN Fareed Zakaria GPS June 4, 2024 18:13:00
Those two geopolitical shocks caused a massive energy shock. i think it's easy to underestimate quite how profound the transform is that is going on. europe was russia's biggest customer, and russia is wholesale changing its energy system at warp speed. not only has that caused the commodity price spike that has caused terrible suffering in the developing world, it's also fueled the inflationary shock. we've seen, you know, the highest inflation rate since 91980s. this has caused a complete transformation in the microeconomic environment. so all those things mean -- we often trade in hyperbole...
Source: archive.org